The Rio de Janeiro Court of Justice responded to Americanas Group’s request to suspend the seizure of the company’s assets.
- The company declared a debt of about R$40 billion;
- The decision comes after the company announced a deficit of R$20 billion.
- The defense may submit a request for judicial recovery
In the decision, Judge Paolo Acid suspended the company’s obligation to pay its debts until a possible request for judicial recovery is submitted.
The defense shall submit, within 30 days, a request for judicial recovery, if it deems it necessary, on pain of forfeiture of the safeguard granted today.
An independent committee will be set up to investigate accounting discrepancies. The company’s defense must, within 30 days, submit a report on the actions that have been carried out by the working group.
The decision comes after the company announced a deficit of R$20 billion. The revelation was made on the same day that CEO Sergio Real left the company’s helm. He will independently advise the board of shareholders made up of billionaires Jorge Paulo Lehmann, Beto Secubira and Marcel Telles.
Real took office on January 2. Manager André Kofer also resigned. Both will be temporarily replaced by João Guerra.
These discrepancies, in Americana’s valuation, will require adjustments in the company’s launch operations, which may affect the final results disclosed in previous years, with a change in the company’s debt level and/or the amount of working capital, implying, by reactive . in contravention of the financial covenants stipulated in the contracts.
The company is the target for action by the prosecution. It will be up to the Authority to decide whether or not to file a request to initiate an investigation against the company.
- In the second half of 2022, the company’s directors sold more than R$210 million of the company’s shares.
- They would benefit from “insider trading” (use of privileged information)
- This practice is considered a crime, and provides for a fine of up to three times the total profit from the transactions
- The truth happened before a deficit of R$20 billion